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Nigerians to own homes with N1.5m – FHA

By on March 11, 2014

Low and middle income earners in the country interested in having their own homes can now do so with N1.5m, the Federal Housing Authority has said.

According to the authority, interested Nigerians could have homes delivered to them based on their financial capabilities.

The Managing Director and Chief Executive Officer, FHA, Mr. Terver Gemade, explained that the development was aimed at bridging the 17 million housing gap in Nigeria.

He spoke on the sidelines of the handing over ceremony organised for the Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, in Abuja on Monday.

He said, “We are targeting the middle income earners this time around and we want to ensure that even low income earners can own their homes. This time around we are going to be specific in our target to ensure that the homes are affordable, decent, durable and sustainable.

“Of course home ownership will be assured by biometrics. We will ensure that we get your bio-data and it will be one thumb print to one house. Since we are encouraging home ownership, it does not matter whether a big man brings his villagers to come and thumb print because at the end the villagers will own homes.

“We will make the houses as low as N1.5m, N2m, N3m, N4m and upwards. The N1.5m is for the studio house, what you call the self-contain and I can assure you that I can give you that for N1.5m.”

Gemade said the FHA was looking forward to develop large expanse of lands in towns across Nigeria, adding that the pilot scheme had started in Abuja.

He said, “This is to ensure home ownership to Nigerians and this will be replicated in major cities across the country. There’s been so much pressure on infrastructure in most places in the country.

“Therefore you need to develop new towns where you can relieve the older towns the pressure on their infrastructure. And the new towns will be sensible, more decent, accommodating, and peaceful for the existence of mankind.”

On the payment plan, the FHA boss said the Federal Mortgage Bank of Nigeria was set to give out mortgages to interested persons

He added, “You will recall that the Primary Mortgage Banks recapitalised last December and we have many of such banks now that have enough liquidity to give as mortgage. Also, remember that the Nigeria Mortgage Refinancing Company has been launched, and the FMBN is also doing its own by providing an e-card. The e-card helps you to know how much you have contributed over the years so as to take advantage of the development.”

Earlier in her address, the new minister stated that she would ensure that the housing deficit in the country was tackled headlong.

“We will deploy all government resources that we have to bridge the housing gap,” Eyakenyi said.

 

 

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One Comment

  1. Iyaro

    March 11, 2014 at 8:35 am

    I just hope that this is not another attempt to inflict more pain on these low and medium income earners. Because when such a policy is formulated and implemented , these so call cabal will now hijack the system in such a way that even those poor masses that will eventually deposit their had earn money, will be deny access to own what they paid for. Some time to even get access to the form might be stronger than JAMB and WAEC. So who ever that is in charge should make sure there is adequate check and balances to avoid such occurrence.